ames, who is in the 35 percent marginal tax bracket with a 15 percent tax rate on dividends, owns 100 percent of the stock of JJ Inc. This year, JJ generates $306,000 taxable income and pays a $61,200 dividend to James. Compute his tax on the dividend under each of the following assumptions:   Required: The federal tax rules currently in effect apply to the dividend payment.

Peter Samuels owns and manages his single member LLC that provides a wide variety of financial services to his clients. He is married and will file a joint tax return with his spouse, Amy. His LLC reports $300,000 of net income, W-2 wages of $120,000, and assets with an unadjusted basis of $75,000. Their taxable income before the QBI deduction is $ 285,000 (this is also their modified taxable income). What is their QBI deduction for 2023?

Samantha lives under an imputation tax system. Her income tax rate is 35%, which applies to all of her income, including wages, interest income and dividend income. Samantha owns 2000 shares of Rio Inc. which has 3.2 billion shares outstanding and taxable income of $1.8 billion (in the current year). Rio’s pays corporate tax rate at 30% and its payout ratio in the past has been 80%. Rio has just announced that it will maintain the past payout ratio and all dividends (to be paid next month) will be fully franked. Given this information, if Samantha had lived under a classical tax system, which of the following is closest to the additional tax she would have to pay as a Rio shareholder?    a.$220.50    b.$146.25    c.$175.50   d. None of the other answers   e.$45.00

Janna had a tax basis of $19,000 in her Mimikaki stock (Mimikaki has been an S corporation since inception). In 2018, Janna was allocated $24,000 of ordinary income from Mimikaki. What is the amount and character of gain she recognizes from end of the year distributions in each of the following alternative scenarios, and what is her stock basis following each distribution? (Leave no answer blank. Enter zero if applicable.) a. Mimikaki distributes $12,000 to Janna. b. Mimikaki distributes $24,000 to Janna. c. Mimikaki distributes $36,000 to Janna. d. Mimikaki distributes $48,000 to Janna.